The Prince George's County Department of Housing and Community Development (DHCD) is launching a new home ownership program, entitled "Pathway to Purchase." This new program offers first-time home buyers up to $10,000 in down payment and closing cost assistance. Home buyers can purchase a home anywhere in Prince George's County. Eligible residential properties include: new construction, resale, short sales and foreclosures.
Pathway to Purchase is a 0% interest loan program that must be paid back when the home is sold, transferred or ceases to be the primary residence of the buyer(s). However, the loan repayment has a 10% decrease per year and after 10 years, it is forgiven and the lien is released.
DHCD will start accepting Pathway to Purchase applications on Monday, January 9.
"We are excited about this new opportunity," said Eric C. Brown, Director of the Prince George's County Department of Housing and Community Development. "We have dedicated $750,000 for this program to help people get on the path to home ownership."
The maximum purchase price of homes utilizing Pathway to Purchase assistance is $313,000. There are four loan programs accepted with Pathway to Purchase. Accepted loan programs are: FHA, Maryland Mortgage Program, VA and Conventional Loans. All home buyers using Pathway to Purchase must pass a Housing Quality Standards (HQS) Inspection as part of the application process.
The Redevelopment Authority of Prince George's County will administer the program. "We will begin taking applications on Monday, January 9, 2017," said Howard Ways, Executive Director of the Redevelopment Authority. "Home buyers must work with an approved mortgage lender
to submit an application. We are eager to continue our progress in helping families begin their pursuit of the American Dream."
Since 2012, the Redevelopment Authority has assisted over 600 home buyers purchase their first home in Prince George's County through the various home buyer assistance programs.
For information on program income limits, buyer contribution, area median income, debt requirements, and other application details: